Mar. 19, 2023
Good afternoon please see my comments below regarding the Revised Rule Proposal. ‘No’ to the re-proposed exemptions and changes to S7-01-23 that would allow only certain entities to participate in conflict of interest in regards to securities transactions. If Congress, and the SEC, have a mandate to prevent conflicts of interest in the securities market then ‘NO’ to allowing hedge funds or market makers an exemption. With our current securities market structure these hedge funds and market makers are the only entities that can naked short sell with no repercussions - or accountability for Failure-to-Delivers. These same entities are allowed to sell asset-backed secures that are tainted by material conflicts-of-interest to investors. These hedge funds and market makers are currently allowed to transact in dark pools with no transparency. Retail investors cannot do the same. This is not a ‘fair’ and equitable market when certain entities are allowed to manipulate the market that we must all participate in to create a financial future. Hedge funds and market markers have lobbied their way to so many exemptions that they have crippled the retail investor from making any informed decisions in the market. They should play by the same rules as all investors - no exemptions. Naked short selling of any kind is harmful to discovery and shouldn’t be allowed. A “reasonable ability to locate” is hypothetical at best and should be disabled. If no stock exists, no sale of the stock is allowed. Thank you for your time Lauren Graham